ReachLocal Surges on BuybackMonday, March 4, 2013
Shares of online advertising company ReachLocal Inc. gained nearly 8 percent on Monday after the company announced it was expanding its buyback program.
The board of the Woodland Hills company authorized $21 million to repurchase shares on the open market. With the capital, the program has about $30 million available to purchase more shares, out of a total authorization of $47 million, the company said.
ReachLocal started the buyback program with a commitment of $20 million in November 2011 and added $6 million in December 2012.
Since the program started, the stock price has increased by 58 percent.
ReachLocal shares gained 99 cents to close at $13.50 on the Nasdaq.